The payment area in the EU is evolving fast in the context of ever evolving communication and distributed ledger technologies and development of notably BigTechs and social networks. The data invasive economy is further accelerated by AI and cloud computing. These evolutions are accompanied with new types of (cyber) risks. One should in addition stress the global and even supra national nature of all these trends.
In this context, incumbents’ role and business models is challenged, be they banks or infrastructures. Even the role of Central Banks regarding money creation is questioned.
To address these revolutionary trends, many policy initiatives have been launched in the EU and globally: Central bank working groups, data protection regulations, instant payment (retail) infrastructures…
The session is dedicated to proposing a consistent description of such trends and related challenges in order to work out what should be a consistent agenda for both private and public players and payment infrastructures, to both address emerging risks and threats and further enable the progress expected by EU citizens.
Points of discussion
- What are the main trends requiring the EU retail payment area to evolve and adapt to address EU citizens transaction needs?
- What are the possible adaptation approaches available to EU public and private stakeholders?